Which of the Following Is NOT a Reason as to Why

question 28

Multiple Choice

Which of the following is NOT a reason as to why the IASC felt that agriculture was an industry that needed its own industry specific standard?

• A) the specific exclusion of assets related to agricultural activity from other standards
• B) agriculture was considered to be an emerging industry at that time
• C) accounting guidelines for agricultural activity previously developed by national standard setters had been piecemeal
• D) the nature of agricultural activity had created uncertainty or conflicts when applying traditional accounting models

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Definitions:

Furniture Firm

A company that specializes in the design, manufacture, and/or sale of furniture products.

Collective Agreement

An employment contract between an employer and a union that sets out the terms of employment of a group of the employer’s employees represented by the union

Employment Standards Act

Legislation that outlines the minimum terms and conditions of employment, such as wage, working hours, holidays, and leaves, in a specific jurisdiction.

Minimum Wage

The lowest legal wage that employers can pay their employees, ensuring a basic standard of living.